Mad Catz Acquires Fighter Simulation Company

Peripheral manufacturer Mad Catz announced that it has acquired the assets of V Max Simulation Corporation, a California-based company that provides high-end flight-simulation equipment and flight-simulation software. Read on for more financial details on the transaction...

Mad Catz will pay $378,000 in cash and $260,000 in Mad Catz common stock (valued at the closing price on February 23, 2011) to David Kinney, the founder and President of V Max. Mad Catz will also pay a commission to Kinney of 5% on profits generated from a specific slice of the fighter simulation business to Kinney. Kinney will stay on with Mad Catz as Vice President of Flight Simulation, and will use $170,000 of the cash payment to finish production on four fighter jet simulators for "Fightertown" (a Southern California-based flight simulation center).